Half Advertisement expenses is carried for next year
What is the entry
And posting
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prepaid advertising expense ac dr XXX
to cash ac XXX
(Being advertising expense paid )
posting
Balance sheet assets side
credit side of cash account
explained is as follows
To begin posting journal entries for prepaid expenses, first debit an asset account. And, credit the cash account (or whatever account you used to pay). You increase the prepaid expenses asset account and reduce the cash balance. The expense you record is the amount associated with the accounting period.
I HOPE IT WILL HELP YOU.
to cash ac XXX
(Being advertising expense paid )
posting
Balance sheet assets side
credit side of cash account
explained is as follows
To begin posting journal entries for prepaid expenses, first debit an asset account. And, credit the cash account (or whatever account you used to pay). You increase the prepaid expenses asset account and reduce the cash balance. The expense you record is the amount associated with the accounting period.
I HOPE IT WILL HELP YOU.
Answered by
2
Answer:
Prepaid advertisement expenses dr. amount
To Advertisement expenses. amount
Explanation:
Deduct prepaid advertisement expenses from advertisement expenses and show it in assets side of balance sheet.
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